Hankuk Glass Industries

In 1957, as South Korea was rebuilding, entrepreneurs Choi Tae-seop, Lee Bong-soo, and Kim Chi-bok founded Hankuk Glass Industries. Known as HanGlas, the company established its first plant in Incheon and quickly became the sole provider of plate glass for the nation's reconstruction, making its products a fundamental part of the country's infrastructure. For decades, HanGlas dominated the Korean glass market. The company's journey involved several strategic shifts. The Asian Financial Crisis in the late 1990s presented significant challenges, leading to a pivotal partnership. In 1998, HanGlas entered into a joint venture with the French industrial giant Saint-Gobain, which became the majority shareholder by 2005. This marked a new chapter, bringing international technology and management to the Korean firm. Ownership changed hands again in subsequent years. In 2019, Saint-Gobain sold its construction glass division, including HanGlas, to the private equity firm Glenwood PE for approximately €240 million. The most recent significant event came in early 2023, when LX International, a major Korean trading company, completed its acquisition of Hankuk Glass Industries for roughly 590.4 billion won. This acquisition aimed to create synergies with LX's other businesses and strengthen its position in the eco-friendly materials market.